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HMRC internal manual

Stamp Taxes on Shares Manual

HM Revenue & Customs
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Scope of stamp duty on shares: stamp duty: basics of a charge: chargeable consideration: cash

Cash includes all currencies. It can consist of coin, notes, cheques, bankers draft, electronic transfer of funds or any other means by which a sum of money is transferred from one person to another. For payments to be made at a future date, either certainly or contingently, see STSM021100.

A cash payment that is made in a currency other that sterling needs to be converted into the sterling equivalent in order to calculate any Stamp Duty (SD) liability. The rate to be used is that as at the date of execution of the document to be stamped, unless a particular rate has been agreed between the parties in accordance with the terms of the next paragraph.

If an exchange rate is provided for any agreement for sale or in the document itself then that rate is used as required by SA1891/S6 (2). If no rate is agreed then the rate to be used is that published on the Bank of England website